24 industry leading companies each extend their partnership with the Vector Institute an additional five years to 2027 injecting approximately $ 40 Million directly into the AI ecosystem
Collaboration on AI increases Ontario’s momentum and thought leadership by creating jobs, improving competitiveness, and attracting and retaining AI talent
51 percent of Ontario executives surveyed in 2021 say that AI plays an important role in achieving their company’s business objectives while 57 percent say they use AI to deliver, sell, or commercialize products and services
An additional 5 industry leaders have also partnered with Vector in the last 18 months
TORONTO, June 21, 2022 /CNW/ – The Vector Institute is pleased to announce the extension of its strategic engagements with its founding industry sponsors through to 2027. This five-year reaffirmation signals Canadian industry’s commitment to the collaborative work undertaken over the past half-decade, building upon Ontario’s global position and reputation as a leading jurisdiction to advance AI research and application.
“We are grateful to our founding sponsors for their continued commitment to Vector, and for their commitment to the growth of the AI ecosystem in Canada. Over the past five years, we have had the opportunity to collaborate on multiple fronts, from advancing AI engineering capabilities to working with sponsors on supporting their talent attraction and retention goals. Their renewed commitment with Vector will help secure Canada’s leadership role in the field of AI, increasing our global competitiveness and improving the lives of all Canadians. We look forward to leveraging our respective strengths in future projects,” said Garth Gibson, President & CEO, Vector Institute.
The Vector Institute was originally established in 2017 with generous support from the Government of Canada, Government of Ontario, and private industry, and in partnership with the University of Toronto and other universities to advance AI research and drive its application, adoption, and commercialization across Canada. Vector’s scientific network includes more than 600 active researchers and practitioners from across the country with expertise in deep learning and machine learning more broadly, including many internationally recognized applied AI specialists.
The Vector Institute’s industry sponsor reaffirmations echo the Government of Canada’s renewed commitment to the CIFAR Pan-Canadian Artificial Intelligence Strategy in which the Vector Institute plays a pivotal role. Last April, the federal government already committed to providing $443.8 million over 10 years, beginning in 2021-22, underscoring the importance of AI development in Canada.
“AI will touch every sector of society, from health to transportation and transform almost all industries, making them more competitive. Ontario is at the forefront of AI. We are recognized as a global leader in the field. Yet there is an economic race among countries in adopting AI in their businesses. The continued commitment from industry in this space will help ensure Canada continues to lead the pack,” said Ed Clark, Chair, Vector Institute.
Industry sponsors benefit from Industry Innovation programs designed to accelerate the application of advanced AI in their organizations, with opportunities to access Vector’s innovative collaborative projects, talent and recruitment support, advanced compute environment and AI engineering capabilities, and industry-focused AI training programs for technical and business professionals.
“Working with Vector, these sponsors can give their employees unique access to expert researchers, a valuable sandbox environment that allows them to try out new AI techniques with their peers, and first-hand access to an AI-talent pool that is in high-demand around the globe. We look forward to continuing to work hand-in-hand with these organizations to advance their AI strategies,” says Cameron Schuler, Vector Institute Chief Commercialization Officer and VP, Industry Innovation.
Thank you to our sponsors for their renewed commitment to Vector and the AI ecosystem:
BMO Financial Group
Loblaw Companies Limited
TD Bank Group
About the Vector Institute
Launched in 2017, the Vector Institute works with industry, institutions, startups, and governments to build AI talent and drive research excellence in AI to develop and sustain AI-based innovation to foster economic growth and improve the lives of Canadians. Vector’s Three-Year Strategy aims to advance AI research, increase adoption in industry and health through programs for talent, commercialization, and application, and lead Canada towards the responsible use of AI. Programs for industry, led by top AI practitioners, offer foundations for applications in products and processes, company-specific guidance, training for professionals, and connections to workforce-ready talent. Vector is funded by the Province of Ontario, the Government of Canada through the CIFAR Pan-Canadian AI Strategy, and leading industry sponsors from across multiple sectors of Canadian industry.
SOURCE Vector Institute
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